RYANAIR fares will soar by another 12 PER CENT this year - as it slashes routes in order to combat the sky-high oil price.

Boss Michael O'Leary boasted that his airline would cash in as more passengers compete for fewer seats.

Ryanair expects to run fewer services this winter for the first time in its history so it can save money on jet fuel.

Dozens of new aircraft being delivered by BOEING will simply be "parked up" until March next year.

Mr O'Leary said: "This will help get the fares up." He added "lead in" promotional fares would rise - but insisted: "Supply and demand is the real driver of this. Bookings are stronger because of all the austerity.

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